Drilling & production

Aker BP has invested in and acquired a 17 % stake in the company Fishbones AS. Fishbones is an unconventional stimulation technology applied to increase the production rates in tight reservoirs.

SM 71 F2 drilling ahead at 4895 ft MD after setting 10 3/4 in. surface casing at 3685 ft MD. Drilling is proceeding according to plan and the well will reach TD prior to the end of December.

Unconventional oil reserves across the top ten countries stand at 9.2% (45.8 billion barrels), oil sands reserves stand at 6.7% (33.3 billion barrels), and heavy oil represents 4.5% (22.2 billion barrels) of all remaining reserves.

The transaction nearly triples Statoil’s production in Brazil, with attractive break-evens and potential for additional value creation for both parties through the application of Statoil’s expertise in improved oil recovery (IOR).

Project costs for subsea field reduced by more than 20%. Production in Norway to increase to more than 100 000 boe/d.

An average of US$34.1 billion per year in capital expenditure will be spent on 1673 oil and gas fields in Russia between 2018 and 2020, according to GlobalData, a leading data and analytics company.

Independent global completions service company Tendeka has been awarded funding from the Oil & Gas Technology Centre to advance further field testing of its wireless intelligent completions technology, PulseEight.

Petrofac has been awarded a lump-sum contract worth approximately US$800 million by BP for the Phase 2 central processing facility (CPF) at the Khazzan Phase 2 (Ghazeer) gas development in the Sultanate of Oman.

Halliburton has announced the release of Geometrix™ 4D Shaped Cutters, a line of four distinct geometric profiles to help improve cutting efficiency and increase control to reduce drilling costs.

The multi-million dollar project includes the recently completed project management, fabrication and construction of approximately 60 miles of 12 in. and 8 in. pipeline for the gathering system.

Vallourec has announced that after negotiations run with the US oil services company National Oilwell Varco (NOV), it has received a binding offer for the purchase of Vallourec Drilling Products business, for a total cash amount of US$63 million.

The scale of the project will require US$35 billion with the first phase costing US$6 billion representing a landmark agreement for Genoil.

The recently drilled Mira 6 horizontal well, which ran inside the Castor coal seam for approximately 920 m and intersected the Mira 2 well at about the mid-point, came on-line and is producing water as planned.

Production from the Peshkabir field in the Tawke licence in the Kurdistan Region of Iraq has tripled to 15 000 bpd following completion of the Peshkabir-3 well testing, stimulation and clean-up programme.

The new GSPAs will bring total contracted volumes from the Karish and Tanin development project to more than 4 BCM per year, surpassing the Company’s initial targeted sales volumes and creating significant additional value.